- CalPERS CEO Marcie Frost announces opposition to Tesla CEO Elon Musk’s $56 billion pay package, citing concerns over compensation performance alignment.
- Proxy advisory firm Glass Lewis urges Tesla shareholders to reject the pay package, prompting a response from Musk on social media platform X.
- Egan-Jones Proxy Services recommends investors vote in favor of Musk’s pay package, emphasizing its importance for maintaining his leadership and motivation at Tesla.
California Public Employees’ Retirement System (CalPERS) CEO Marcie Frost’s announcement to oppose Tesla CEO Elon Musk’s $56 billion pay package has ignited a contentious debate within the investment community. With CalPERS among Tesla’s top investors and Proxy advisory firm Glass Lewis also urging shareholders to reject the package, Musk’s compensation plan faces scrutiny. This clash highlights the diverging opinions on Musk’s remuneration and its alignment with Tesla’s performance.
Proxy advisory firm and Musk’s response
Proxy advisory firm Glass Lewis recommends that Tesla shareholders reject Musk’s pay package, triggering a response from Musk on social media platform X. Musk accuses CalPERS of reneging on the deal, asserting that all contractual milestones were met.
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Support for Musk’s package and corporate move
Despite opposition, Egan-Jones Proxy Services recommends investors vote in favor of Musk’s pay package, emphasizing its importance for Tesla’s growth and innovation. Additionally, Egan-Jones backs Tesla’s proposal to transfer its state of incorporation from Delaware to Texas, citing potential operational efficiency and cultural alignment benefits.
